Alawwal bank in merger talks with Saudi British Bank

The FT has reported that Alawwal bank, formerly Saudi Hollandi Bank, has begun initial merger talks with Saudi British Bank, part of the HSBC banking group.

Alawwal bank is part-owned by the Royal Bank of Scotland. The bank said in a regulatory filing that the process with Saudi British Bank “does not necessarily mean that the merger will take place between the two parties.”

Royal Bank of Scotland has been shrinking its global presence after it was rescued by the British government and has been trying to offload its 40 per cent stake in Alawwal Bank.

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